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Board approves financials, elects Mahaffey president and fills vice‑president seats
Summary
The San Angelo Economic Development Board approved first‑quarter financial statements showing sales tax growth and healthy fund balances, and approved a slate of officer appointments including Mahaffey as board president and Lorenzo Lassiter as second vice president.
The San Angelo Economic Development Board on Feb. 11 approved first‑quarter financial statements presented by Tina Dierski, corporate treasurer and assistant city manager. Dierski told the board December sales tax was up 5.7% from the previous year and the quarter was up about 4%; January sales tax increased by 0.34%.
Dierski reported approximately $12,000,000 in cash and investments in the economic development fund and about $7,600,000 in unassigned fund balance. The ballot fund showed roughly $18,000,000 in cash and investments with about $12,900,000 unassigned. Board members asked technical questions about debt service and whether principal could be paid down outside of bond refunding; Dierski said principal paydown would generally require a bond refunding if interest rates made that option worthwhile.
The board voted to approve the financial statements. Earlier in the meeting the board also approved a slate of officer appointments to fill expired terms: First Vice President Mahaffey was nominated and approved to serve as president, Second Vice President Rodriguez moved into the first vice president seat, and Lorenzo Lassiter was nominated and approved as second vice president. Motions for the consent agenda, the financials, and officer appointments were made, seconded and carried by voice vote.
No budget amendments were adopted at the meeting; the board later requested quarterly reporting related to the Chamber contract discussion.
